Chat with us, powered by LiveChat

Brighten’s star rises with Solaris nonresident RMBS debut

Publication Date: Monday, 19 April 2021
This article originally appeared in KangaNews

The Australian dollar nonresident residential mortgage-backed securities issuer pool widened with Brighten Home Loans’ debut deal. The issuer says capital-market funding has been a goal since the business’s establishment and that interest in the asset class is growing with increased

Brighten’s A$366.5 million (US$282.9 million) deal – Solaris 2021-1 – priced on 14 April. It is the fourth Australian dollar residential mortgage-backed securities (RMBS) deal predominantly backed by loans to nonresident borrowers (see chart). Columbus Capital also mandated another Vermilion RMBS deal on 16 April.

The Solaris loan pool comprises 85 per cent nonresident loans and 15 per cent loans to Australian residents and citizens serviced by foreign income. Adam Moore, Sydney-based head of funding and securitisation at Brighten, says the latter segment of the pool is a point of differentiation between Solaris and other Australian dollar nonresident RMBS programmes.


Brighten was established in 2017 initially to cater to nonresidents seeking Australian home loans. The company identified significant opportunity for nonbank lenders in the sector as banks stepped away due to regulatory pressures.

Moore says the business was established with a long-term strategy of capital-markets funding in mind. “We grew the book knowing that funding though the securitisation market was the key to sustainable growth in the medium and longer term. As such, we had been engaging with the relevant parties – including rating agencies and investors – for a long time before bringing the transaction.”

Brighten’s path to market was slightly disrupted by COVID-19 but the borrower pushed ahead with rating-agency verification and nondeal investor-relations work through 2020, before engaging the buy side for the deal in March 2021.

Moore tells KangaNews investors appear increasingly familiar and comfortable with the nonresident RMBS asset class as it expands. He adds that Brighten’s debut deal was significantly oversubscribed with demand spread across geographic regions.

Brighten intends to continue supporting and lending to the nonresident sector. Moore says originations have remained consistent through the COVID-19 period, and that annual public securitisation is now on the cards should investor demand allow it.

He adds that Brighten is also expanding into more traditional prime and near-prime Australian resident mortgage lending and will seek to build this book also with public securitisation as the end funding goal.

What our customers and partners say about us

Their ability to work with clients with such high customer service level and fast processing speed is incredible.


I have been working with my BDM, Mikai Ning, for two years. Since meeting her, she has continued to impress me with her professionalism, her efficiency, and her patience to listen and explaining all information. Even during pregnancy period, she even said to me personally that if there is anything I require, that Mikai is still contactable and will get back to me as soon as she can. Her attitude is always super nice and is highly passionate about what she does. I have been in this field for so many years and she is the best BDM I have worked with.

Lulu, Accredited Broker

Great review for Mikai Ning. Not only is she highly passionate, but she is also very hard working and highly detail oriented in her work. No matter what time of the day, or day of week, she will always get back to us. We highly appreciate Mikai and Brighten for their hard work and ongoing support.

Fan, Accredited Broker

Brighten’s BDM, Liwen, has left a very impressive impression. Whether it is policy or product, she can solve and fix any problem, big or small, she is always reaching out and supporting us. From the beginning, It has been great to work with Brighten’s vastly experience team and great products. I always recommend Brighten to all my clients.

Jinkai, Accredited Broker

Mikai is a very passionate and proactive person. Our work with Mikai has is nothing but positive outcomes and we look forward to continuing working Brighten and Mikai.

Alan, Accredited Broker

My BDM Leo Liu has been a great help in assisting me setting up the referral program and educating in terms of products and knowledge. I look forward to the greater relationship with Brighten Home Loan and Leo Liu.

Anthony, Accredited Broker

Mikai is our BDM and she is a very detail oriented with great work ethic and speed. If there is a policy update, she will always try and get in touch with us as soon as possible to ensure that we received and understand the relevant changes so that we can better accommodate our clients. Thank you for your ongoing support to us brokers.

Terry, Accredited Broker

It has been very convenient with the interest rates being lower also. Brighten home loan was able to solve so many problems for overseas clients. Big thanks to BDM Mikai for all her support.

Yuhui, Accredited Broker

I need to thank my BDM Liwen Liu. She has been very responsible since the beginning. She is always patient with my home loan scenario enquires. She always tries to do best for the clients. Liwen is very professional, always gives good advice to brokers. She is an excellent BDM. Thank you.

Jakie, Accredited Broker

Discover a brighter future
with Brighten

Complimentary Assessment

Prefer to chat? Get in touch on 13 14 88